AIPL to invest Rs 10 Bn in new shopping centre in Gurugram
Real estate developer Advance India Projects Limited (AIPL) is investing Rs 10 billion in its ambitious retail and entertainment project AIPL Joy District (AJD) in Gurugram, shared Ishaan Singh, Director AIPL with ETRetail. The shopping centre, which will cover an area of 10.43 acres, will be located in sector 88 Gurugram, on the multi-utility corridor. The centre will host retail, dining, multiplex, and other entertainment avenues. The project, which is in the construction phase currently, is expected to be completed by 2028. “Our projects cater to the increasing demand from young, affluent families with high disposable incomes in the NCR region. There has been a significant surge in housing along Golf Course Extension Road and new Gurgaon. Our retail projects will cater to the increasing demand for shopping and fine dining,” Singh commented. Along with Joy District, AIPL has launched highstreet projects across Gurugram such as AIPL JoyCentral, AIPL Joystreet, AIPL JoyGallery and AIPL JoySquare. The company currently commands a total retail presence of 13.56 lakh sq ft across Gurugram, he shared adding that brands such as House of Rare, UCB, Celio, Tommy Hilfiger, Mango, Levis, and Geox; cinema chain PVR Luxe; and family entertainment zone Hop Up have signed up across AIPL’s projects. A recent report by Cushman & Wakefield highlighted a 1 per cent fall in the leasing of retail space in shopping malls and prominent high streets to 1.63 million square feet during the July-September quarter across the top eight cities. However, the report noted sustained momentum across India's main streets, leading retail growth across the top 8 cities.
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